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On Thursday, EURO climbed against USD and reclaimed 1.23 levels as German Chancellor Angela Markel signaled its support for ECB intervention to resolve the debt crisis.
The pair just managed to close above its 50-day SMA resistance zone first time since early July.
On Friday, EURO extended gains to hit intraday high of 1.2382 against USD. The pair is currently trading at 1.2356, unchanged from Thursday's close.
The pair continues to trade between 1.2270 – the ascending trend-line support and 1.2370 – the descending trend-line resistance, visible on daily charts.
On the downside, 1.2310 – 38.3% Fibonacci Retracement Level of 1.2747 to 1.2042 move, is likely to act as strong support for the currency pair.
Moreover, 1.2270 – the ascending trend-line support visible on daily charts, is likely to provide immediate support, should the pair break below 1.2310 on the downside.
Further on the upside, 1.2375 – the descending trend-line visible on daily charts, may continue to act as strong resistance for the currency pair.
Should the pair manage to decisively move above 1.2375 resistance, the up-move is likely to get extended towards 1.2440 levels.
Intraday Important Technical Levels
Support 1 – 1.2316 Resistance 1 – 1.2393
Support 2 – 1.2275 Resistance 2 – 1.2430
Support 3 – 1.2236 Resistance 3 – 1.2473
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